
\begin{tabular}{l c c c c}
\toprule
 & \multicolumn{2}{c}{Monthly Data} & \multicolumn{2}{c}{Collapsed Data} \\
\cmidrule(lr){2-3} \cmidrule(lr){4-5}
 & 1 Year & 5 Year & 1 Year & 5 Year \\
\midrule
Solvency 2 $\times$ Post & $1.05^{**}$ & $0.77^{***}$ & $1.03^{***}$  & $0.76^{***}$ \\
                         & $(0.52)$    & $(0.20)$     & $(0.20)$      & $(0.16)$     \\
Solvency 2               & $-0.27$     & $-0.26$      & $-0.24$       & $-0.20$      \\
                         & $(0.46)$    & $(0.20)$     & $(0.27)$      & $(0.12)$     \\
Post                     & $-0.67^{*}$ & $0.02$       & $-0.62^{***}$ & $0.06$       \\
                         & $(0.37)$    & $(0.51)$     & $(0.13)$      & $(0.37)$     \\
|USD Imbalance|          & $1.05^{*}$  & $2.26^{***}$ & $1.06^{***}$  & $2.38^{**}$  \\
                         & $(0.62)$    & $(0.59)$     & $(0.01)$      & $(0.88)$     \\
Constant                 & $0.92^{**}$ & $0.60^{**}$  & $0.87^{***}$  & $0.49^{*}$   \\
                         & $(0.37)$    & $(0.27)$     & $(0.14)$      & $(0.26)$     \\
\midrule
Num. obs.                & $441$       & $441$        & $18$          & $18$         \\
R$^2$ (full model)       & $0.14$      & $0.29$       & $0.15$        & $0.32$       \\
R$^2$ (proj model)       & $0.14$      & $0.29$       & $0.15$        & $0.32$       \\
\bottomrule
\end{tabular}
